On Thursday, the U.S. Food and Drug Administration approved COBENFY, an oral medication that marks the first new class of drugs for schizophrenia in more than 30 years.

People with schizophrenia will soon have a new treatment option after the FDA approved its first new treatment for the mental illness in more than 30 years.

The US Food and Drug Administration (FDA) has just approved a new drug for the treatment of schizophrenia. Marketed under the name Cobenfy, the medication combines two different drugs that together target a totally different mechanism in the brain than conventional antipsychotics,

Bristol-Myers Squibb (NYSE:BMY) shares rallied 4.45% in premarket trading Friday following the announcement that the U.S. Food and Drug Administration (FDA) approved the company's new schizophrenia treatment,